{"id":33237,"date":"2026-05-05T10:02:52","date_gmt":"2026-05-05T10:02:52","guid":{"rendered":"https:\/\/99bitcoins.com\/fr\/?p=33237"},"modified":"2026-05-05T10:02:52","modified_gmt":"2026-05-05T10:02:52","slug":"fin-de-la-frenesie-bitcoin-pour-microstrategy","status":"publish","type":"post","link":"https:\/\/99bitcoins.com\/fr\/actu\/fin-de-la-frenesie-bitcoin-pour-microstrategy\/","title":{"rendered":"Fin de la fr\u00e9n\u00e9sie Bitcoin pour MicroStrategy ? Ce que signifie la pause de Michael Saylor"},"content":{"rendered":"<p>Dernier rebondissement dans la saga Bitcoin de MicroStrategy : Michael Saylor suspend les achats de BTC avant la publication des r\u00e9sultats du premier trimestre.<\/p>\n<p>Le PDG a confirm\u00e9 l&rsquo;absence d&rsquo;achats pour cette semaine dans une publication sur X dimanche, rompant ainsi avec un cycle d&rsquo;accumulation quasi continu qui a fait de l&rsquo;entreprise le plus grand d\u00e9tenteur institutionnel de Bitcoin au monde.<\/p>\n<p>Le Bitcoin s&rsquo;\u00e9changeait aux alentours de 78 000 USD au moment de cette pause, laissant le stock de 818 334 BTC de MicroStrategy avec une plus-value latente d&rsquo;environ 1,9 milliard USD pour un co\u00fbt d&rsquo;acquisition total de 61,81 milliards USD.<\/p>\n<p>Cette pause intervient alors que le march\u00e9 des cryptomonnaies entame la semaine sur une note haussi\u00e8re, avec une capitalisation totale en hausse de +1,7 % sur les derni\u00e8res 24 heures, s&rsquo;\u00e9tablissant \u00e0 2,73 billions USD pour un volume d&rsquo;\u00e9change quotidien de 88,6 milliards USD.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udea8MICRO STRATEGY PAUSES BITCOIN BUYS AHEAD OF MAY 5 Q1 EARNINGS.<\/p>\n<p>MICHAEL SAYLOR INDICATED THAT STRATEGY WILL MAKE NO BITCOIN (BTC) PURCHASES THIS WEEK. <\/p>\n<p>THE BREAK COMES TWO DAYS BEFORE THE FIRM REPORTS FIRST-QUARTER (Q1) 2026 EARNINGS ON MAY 5. <\/p>\n<p>THE PAUSE LANDS DURING\u2026 <a href=\"https:\/\/t.co\/1pq9tnu75u\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/1pq9tnu75u<\/a><\/p>\n<p>&mdash; ORYX WEB3 | CRYPTO (@ox_Oryx) <a href=\"https:\/\/twitter.com\/ox_Oryx\/status\/2051021837187023213?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">May 3, 2026<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>La machine \u00e0 Bitcoin de MicroStrategy et la nature r\u00e9elle du STRC<\/h2>\n<p>Pour comprendre l&rsquo;importance de cette pause, il faut saisir le fonctionnement du <a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/news\/bitcoin-btc\/strategy-overtake-blackrock-crypto-ibit-bitcoin-strc-raise\/\" target=\"_blank\" rel=\"noopener\">moteur d&rsquo;accumulation de Bitcoin<\/a> de MicroStrategy. La soci\u00e9t\u00e9 ne se contente pas d&rsquo;acheter du Bitcoin avec sa tr\u00e9sorerie op\u00e9rationnelle.<\/p>\n<p>Elle l\u00e8ve des capitaux en vendant des actions MSTR, son titre de cat\u00e9gorie A cot\u00e9 au Nasdaq, et en \u00e9mettant des instruments financiers comme le STRC, son titre perp\u00e9tuel privil\u00e9gi\u00e9.<\/p>\n<p>Consid\u00e9rez le STRC comme une reconnaissance de dette d&rsquo;entreprise avec un coupon fixe : les investisseurs confient du capital \u00e0 MicroStrategy et re\u00e7oivent, en retour, un rendement annuel de 11,5 %. L&rsquo;entreprise utilise ensuite ce capital pour acqu\u00e9rir davantage de Bitcoins.<\/p>\n<p>Ce mod\u00e8le ne tient que si la valorisation du Bitcoin augmente plus vite que ce seuil de 11,5 % ; dans le cas contraire, l&rsquo;entreprise distribue plus que ce que son actif sous-jacent ne lui rapporte.<\/p>\n<p>L&rsquo;achat de 3 273 BTC pour 255 millions USD entre le 20 et le 26 avril a \u00e9t\u00e9 financ\u00e9 par la vente de 1 451 601 actions MSTR de cat\u00e9gorie A, comme r\u00e9v\u00e9l\u00e9 dans un d\u00e9p\u00f4t du formulaire 8-K aupr\u00e8s de la SEC.<\/p>\n<p>Sur cette seule semaine, le prix d&rsquo;achat moyen s&rsquo;est \u00e9lev\u00e9 \u00e0 77 906 USD par unit\u00e9. Sur l&rsquo;ensemble du mois d&rsquo;avril, quatre acquisitions ont totalis\u00e9 bien plus de 3 milliards USD, et <a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/news\/presales\/strategy-bitcoin-buy-blackrock-btc-price\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\">l&rsquo;accumulation agressive de MicroStrategy lui avait d\u00e9j\u00e0 permis de d\u00e9passer les avoirs de BlackRock<\/a> au cours des semaines pr\u00e9c\u00e9dentes.<\/p>\n<h2>Le Bitcoin peut-il se maintenir \u00e0 78 000 USD sans le soutien institutionnel de MicroStrategy ?<\/h2>\n<div class=\"chart crypto-chart-instance\" id=\"crypto_chart_6a223a619e9b2\"\n\tdata-coin-id=\"bitcoin-btc\">\n\t<div class=\"chart__header\">\n\t\t<div class=\"chart__info\">\n\t\t\t<div class=\"chart__info-icon\">\n\t\t\t\t<img id=\"crypto_chart_6a223a619e9b2-chart__info-icon-img\" \/>\n\t\t\t\t<div class=\"chart__info-name\" id=\"crypto_chart_6a223a619e9b2-chart__info-name\"><\/div>\n\t\t\t\t<div class=\"chart__info-symbol\" id=\"crypto_chart_6a223a619e9b2-chart__info-symbol\"><\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"chart__info-current\">\n\t\t\t\t<div class=\"chart__info-price\" id=\"crypto_chart_6a223a619e9b2-chart__info-price\"><\/div>\n\t\t\t\t<div class=\"chart__info-change\" id=\"crypto_chart_6a223a619e9b2-chart__info-change\"><\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"chart__info-extra\">\n\t\t\t\t<div class=\"chart__info-label\">Market Cap<\/div>\n\t\t\t\t<div class=\"chart__info-marketcap\" id=\"crypto_chart_6a223a619e9b2-chart__info-marketcap\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t\t<div class=\"chart__controls\">\n\t\t\t<div class=\"chart__controls-group\">\n\t\t\t\t<button class=\"chart__button chart__button--24h\"\n\t\t\t\t\tid=\"crypto_chart_6a223a619e9b2-btn-24h\">24h<\/button>\n\t\t\t\t<button class=\"chart__button chart__button--7d\"\n\t\t\t\t\tid=\"crypto_chart_6a223a619e9b2-btn-7d\">7d<\/button>\n\t\t\t\t<button class=\"chart__button chart__button--30d\"\n\t\t\t\t\tid=\"crypto_chart_6a223a619e9b2-btn-30d\">30d<\/button>\n\t\t\t\t<button class=\"chart__button chart__button--1y\"\n\t\t\t\t\tid=\"crypto_chart_6a223a619e9b2-btn-1y\">1y<\/button>\n\t\t\t\t<button class=\"chart__button chart__button--all-time\"\n\t\t\t\t\tid=\"crypto_chart_6a223a619e9b2-btn-all-time\">All Time<\/button>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"chart__container\">\n\t\t<canvas class=\"chart__canvas\" id=\"crypto_chart_6a223a619e9b2-cryptoChart\"><\/canvas>\n\t<\/div>\n<\/div>\n\n<p>Le Bitcoin <a class=\"general-link\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">se stabilisait autour de 78 000 USD<\/a> lors de l&rsquo;annonce de la pause, un niveau significatif car il se situe juste au-dessus du prix d&rsquo;achat moyen du portefeuille global de MicroStrategy, qui est de 75 537 USD par jeton.<\/p>\n<p>Cette moyenne fait office de plancher psychologique : si le BTC repasse en dessous, l&rsquo;ensemble de la position de MicroStrategy bascule en perte latente, ce qui renforcerait l&rsquo;attention port\u00e9e au rapport sur les r\u00e9sultats du premier trimestre.<\/p>\n<p>Wall Street anticipe d\u00e9j\u00e0 une perte de 18,98 USD par action pour le premier trimestre, contre 16,49 USD un an plus t\u00f4t, principalement en raison des ajustements comptables bas\u00e9s sur la valeur de march\u00e9 des avoirs en Bitcoin.<\/p>\n<p>Il ne s&rsquo;agit pas de pertes de tr\u00e9sorerie r\u00e9elles, mais d&rsquo;art\u00e9facts comptables li\u00e9s \u00e0 la d\u00e9tention d&rsquo;un actif volatil \u2014 toutefois, cela alimente les arguments des bears dans la presse sp\u00e9cialis\u00e9e.<\/p>\n<p>Du c\u00f4t\u00e9 de la demande, l&rsquo;absence des offres d&rsquo;achat de MicroStrategy retire un acheteur r\u00e9gulier qui injectait des centaines de millions de dollars par semaine. En mars, l&rsquo;entreprise a acquis plus de 34 000 BTC pour 2,54 milliards USD en une seule semaine ; c&rsquo;est ce genre de pression structurelle sur la demande qui laisse un vide visible lorsqu&rsquo;elle dispara\u00eet.<\/p>\n<p>La capacit\u00e9 des flux d&rsquo;ETF ou des acheteurs spot \u00e0 combler ce vide sera la variable cl\u00e9 \u00e0 surveiller avant la conf\u00e9rence t\u00e9l\u00e9phonique sur les r\u00e9sultats le 5 mai.<\/p>\n<h2>Bitcoin et MicroStrategy : trois sc\u00e9narios \u00e0 suivre apr\u00e8s la pause<\/h2>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Strategy CEO <a href=\"https:\/\/twitter.com\/phongle?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">@phongle<\/a> refuted my claim that <a href=\"https:\/\/twitter.com\/search?q=%24STRC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">$STRC<\/a> is a Ponzi scheme by arguing it\u2019s \u201ctransparent\u201d and \u201cvery clear what we\u2019re doing.\u201d But I never accused Strategy of hiding the scheme. In contrast, I called STRC the most obvious Ponzi precisely because <a href=\"https:\/\/twitter.com\/search?q=%24MSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">$MSTR<\/a> is so open about it.<\/p>\n<p>&mdash; Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/2050928101295628540?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">May 3, 2026<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><strong>Sc\u00e9nario haussier (Bull) :<\/strong> MicroStrategy publie ses r\u00e9sultats du T1 le 5 mai et Michael Saylor reprend imm\u00e9diatement ses signaux d&rsquo;achat hebdomadaires. Le Bitcoin se maintient au-dessus de 78 000 USD, les inqui\u00e9tudes sur les dividendes STRC s&rsquo;av\u00e8rent g\u00e9rables, et la pause est per\u00e7ue comme un simple silence de routine pr\u00e9-r\u00e9sultats plut\u00f4t que comme un changement de structure. La pression acheteuse institutionnelle revient et les actions li\u00e9es aux cryptos (proxies) comme MSTR m\u00e8nent un rallye g\u00e9n\u00e9ralis\u00e9 des actifs \u00e0 risque.<\/p>\n<p><strong>Sc\u00e9nario de base :<\/strong> MicroStrategy reprend ses achats \u00e0 un rythme plus mod\u00e9r\u00e9 apr\u00e8s les r\u00e9sultats, s&rsquo;appuyant davantage sur l&rsquo;\u00e9mission de titres STRC que sur la vente d&rsquo;actions MSTR pour financer les acquisitions. Le Bitcoin oscille entre 75 000 USD et 82 000 USD, le d\u00e9bat sur la p\u00e9rennit\u00e9 des dividendes STRC persiste sans r\u00e9solution, et MSTR se n\u00e9gocie avec une prime modeste par rapport \u00e0 sa valeur d&rsquo;actif net, tandis que la th\u00e8se d&rsquo;investissement reste intacte mais moins euphorique qu&rsquo;au premier trimestre.<\/p>\n<p><strong>Sc\u00e9nario baissier (Bear) :<\/strong> Les r\u00e9sultats du T1 d\u00e9\u00e7oivent plus que pr\u00e9vu, la perte de 18,98 USD par action provoque une correction de la prime de l&rsquo;action MSTR, et le Bitcoin glisse sous le prix moyen d&rsquo;acquisition de 75 537 USD de l&rsquo;entreprise. L&rsquo;argument de Peter Schiff sur une \u00ab structure de type Ponzi \u00bb \u2014 ses propres mots publi\u00e9s sur X \u2014 trouve un \u00e9cho dans un mouvement global de retrait des actifs \u00e0 risque. La compression de MSTR s&rsquo;acc\u00e9l\u00e8re, le cycle de financement par actions se grippe, et le BTC teste les 70 000 USD alors que le plus gros acheteur institutionnel reste inactif.<\/p>\n<p>Le sc\u00e9nario de base est le plus probable \u00e0 court terme. MicroStrategy a d\u00e9j\u00e0 fait des pauses \u2014 quatre fois rien qu&rsquo;au cours de l&rsquo;ann\u00e9e \u00e9coul\u00e9e \u2014 et a repris ses achats \u00e0 chaque fois. L&rsquo;inqui\u00e9tude sur les dividendes STRC est r\u00e9elle mais pas encore critique. La conf\u00e9rence sur les r\u00e9sultats du 5 mai constitue le prochain v\u00e9ritable tournant.<\/p>\n<p style=\"text-align: center\"><strong>\u00c0 D\u00c9COUVRIR : <a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/fr\/crypto-monnaie\/prevente-crypto\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\">Les meilleures pr\u00e9ventes crypto avec r\u00e9compenses de staking<\/a><\/strong><\/p>\n<p style=\"text-align: center\"><strong>Suivez 99Bitcoins sur <a class=\"general-link\" href=\"https:\/\/twitter.com\/99bitcoins\" target=\"_blank\" rel=\"noopener nofollow\">X<\/a>, <a class=\"general-link\" href=\"https:\/\/www.youtube.com\/99bitcoins\" target=\"_blank\" rel=\"noopener nofollow\">YouTube<\/a> et <a class=\"general-link\" href=\"https:\/\/t.me\/s\/bitcoinnews99\" target=\"_blank\" rel=\"noopener nofollow\">Telegram<\/a> pour plus d&rsquo;actualit\u00e9s et d&rsquo;analyses crypto.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MicroStrategy suspend ses achats de Bitcoin : quel impact pour le BTC ?<\/p>\n","protected":false},"author":135978,"featured_media":33233,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[],"coin":[15],"class_list":["post-33237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actu"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Est-ce la fin de la fr\u00e9n\u00e9sie Bitcoin pour MicroStrategy ?<\/title>\n<meta name=\"description\" content=\"Dernier rebondissement dans la saga Bitcoin de MicroStrategy : Michael Saylor suspend les achats de BTC avant la publication des r\u00e9sultats T1\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/99bitcoins.com\/fr\/actu\/fin-de-la-frenesie-bitcoin-pour-microstrategy\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Est-ce la fin de la fr\u00e9n\u00e9sie Bitcoin pour MicroStrategy ?\" \/>\n<meta property=\"og:description\" content=\"Dernier rebondissement dans la saga Bitcoin de MicroStrategy : Michael Saylor suspend les achats de BTC avant la publication des r\u00e9sultats T1\" \/>\n<meta property=\"og:url\" content=\"https:\/\/99bitcoins.com\/fr\/actu\/fin-de-la-frenesie-bitcoin-pour-microstrategy\/\" \/>\n<meta property=\"og:site_name\" content=\"99bitcoins FR\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-05T10:02:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/99bitcoins.com\/fr\/wp-content\/uploads\/sites\/4\/2026\/05\/institutional-bitcoin-binge-over-strategy-pause-meaning.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1376\" \/>\n\t<meta property=\"og:image:height\" content=\"768\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Martin Pelletier\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Martin Pelletier\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/99bitcoins.com\\\/fr\\\/actu\\\/fin-de-la-frenesie-bitcoin-pour-microstrategy\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/99bitcoins.com\\\/fr\\\/actu\\\/fin-de-la-frenesie-bitcoin-pour-microstrategy\\\/\"},\"author\":{\"name\":\"Martin Pelletier\",\"@id\":\"https:\\\/\\\/99bitcoins.com\\\/fr\\\/#\\\/schema\\\/person\\\/d6acaa19de409b9e22e3f740da472d70\"},\"headline\":\"Fin de la fr\u00e9n\u00e9sie Bitcoin pour MicroStrategy ? 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